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Hong Kong’s plan to roll out basketball betting this September has been put on hold, with officials citing worries about the influence of prediction markets.
The scheme had already cleared its third reading in the Legislative Council back in September 2025, modeled on the city’s existing horse racing and football betting systems. A license was expected to be issued to the Hong Kong Jockey Club, timed to coincide with the 2026/27 NBA season.
That timeline was disrupted abruptly when reports surfaced last night that the government had instructed the Jockey Club to pause preparations. Authorities say they first need to study how prediction markets, which have grown quickly in the US, might create more risks for Hong Kong basketball betting.
Government calls for in-depth study on prediction markets
The Home and Youth Affairs Bureau says the rise of prediction markets has created too much uncertainty for basketball betting to proceed. A spokesperson for the government explained that introducing the scheme now could encourage the public to explore prediction platforms or even switch to them.
They made clear that placing sports bets through prediction markets in Hong Kong would be treated as illegal gambling.
“If basketball betting is launched under the current circumstances, it may lead more members of the public to notice and participate in illegal gambling on prediction markets, indirectly fueling the illegal market,” the spokesperson said.
Because of these risks, the government wants a deeper study of how prediction markets function before moving ahead. Authorities added that until safeguards and supporting measures are ready, new gambling initiatives should remain paused.
HKJC respects government’s decision
The Hong Kong Jockey Club has said it will comply with the government’s directive and wait for further guidance on its basketball betting license application. The pause comes as officials highlight the rapid growth of prediction markets worldwide, particularly in the United States.
These platforms let people buy contracts linked to future events, with prices shifting based on how likely those outcomes appear, from elections to international conflicts.
The Hong Kong government has pointed to figures showing how quickly the sector is expanding. Global trading volume jumped from US$16 billion in 2024 to US$64 billion last year, a 300% increase.
Monthly activity also rose sharply, moving from under US$100 million at the start of 2024 to more than US$13 billion by year’s end. Officials added that over 40% of this growth is tied to sports, with projections suggesting monthly trading could increase fivefold by 2030.
With those numbers in mind, the Jockey Club has confirmed it will hold off on basketball betting until regulators finish their review.
Source: Inside Asian Gaming
